The Afterpay (ASX:APT) share price is down 9% in September. What’s next?

Here’s what Afterpay’s been up to lately and what it might be up to soon.
The post The Afterpay (ASX:APT) share price is down 9% in September. What’s next? appeared first on The Motley Fool Australia. –

The Afterpay Ltd (ASX: APT) share price is struggling lately despite no price sensitive news of the company having been released to the ASX.

However, yesterday Afterpay announced a new partnership with speciality retailer PetSmart. Additionally, Afterpay was a presenting partner at New York’s Fashion Week (NYFW), running events from 7 September to 12 September.

Despite the exciting happenings, the Afterpay share price has slid 8.63% so far this month. It is currently trading at $122.85.

Let’s take a closer look at what the buy now, pay later (BNPL) company has been up to, and what it’s planning to do next.

September so far for Afterpay

September hasn’t been a good month so far for the Afterpay share price despite several pieces of seemingly positive non-price sensitive news.

Yesterday, Afterpay announced it has partnered with pet retailer PetSmart. The partnership will see PetSmart offering its customers to pay for products and services using Afterpay.

According to Afterpay, PetSmart is the largest retailer of its kind and the first to offer Afterpay’s BNPL service.

In addition to its new partnership, Afterpay ran a series of interactive events at NYFW.  

Afterpay offered pop-up and virtual reality shopping experiences, insider talks and styling workshops, a virtual catwalk from which shoppers could purchase items, and turned the Empire State Building into its signature shade of blue-green.

Fun fact: Afterpay’s trademark colour is named Bondi Mint.

However, the glitz and glamour weren’t enough to save the Afterpay share price.

What’s next for Afterpay and its share price?

The Afterpay share price might not exist for much longer.

As market watchers will know, the company is planning to be acquired by Square Inc (NYSE: SQ) in a $39 billion takeover.

The companies expect the takeover to go ahead in the current quarter. It is still subject to shareholder approval.

Of course, following the takeover Afterpay won’t exist on the ASX anymore. However, as the takeover is expected to be a scrip deal, Square will be listing CHESS Depository Interests (CDIs) on the ASX.

Meaning, Afterpay’s shareholders who receive CDIs will still be able to trade their holdings on the ASX. Though, Afterpay shareholders will be able to elect to receive NYSE-listed Square shares instead.

Additionally, Afterpay announced some of its future plans within its results for the financial year just been.

As The Motley Fool Australia reported at the time, Afterpay believes Germany is a “priority region” for expansion. It is also looking to increase its footprint in Singapore.

The post The Afterpay (ASX:APT) share price is down 9% in September. What’s next? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Afterpay right now?

Before you consider Afterpay, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Afterpay wasn’t one of them.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Square. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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